New Manchester United Owner Promises To Return Struggling Team To The Top
Jim Ratcliffe purchased a 25% stake in the football club for about US$1.3 billion.
By Sukhbir Cheema — 27 Dec 2023, 05:03 PM
British billionaire Jim Ratcliffe has bought a 25% stake in Manchester United
The 71-year-old purchased the popular English football club for US$1.3 billion (RM6.03 billion) and has taken charge of football operations.
In a statement, the Manchester United football club also revealed that Ratcliffe's INEOS company will invest to upgrade the club's outdated Old Trafford stadium.
Ratcliffe has urged fans to be patient with him as he charts a course to return Manchester United to glory
Being a lifelong fan and having grown up in the Manchester region, Ratcliffe wrote to several supporters' groups, saying he was in it for the long haul and wanted to bring sporting and commercial success.
"As a local boy and a lifelong supporter of the club, I am very pleased that we have been able to agree a deal with the Manchester United board that delegates us management responsibility of the football operations of the club," he said.
"Our shared ambition is clear. We all want to see Manchester United back where we belong, at the very top of English, European, and world football," he added.
Manchester United fans, however, have mixed feelings about the news
According to the Manchester United Supporters Trust (MUST), while they welcome Ratcliffe as the new owner, the fact that the Glazers still hold a majority stake in the favourite club is a cause for concern.
"During 18 years of debt, decay, and mismanagement, Manchester United fans have loudly and consistently called for change at our club," MUST said in a statement.
"Fans have very mixed feelings today. We welcome the investment from a boyhood Red, Sir Jim Ratcliffe, and his INEOS company, but many will wish his ownership stake was greater," MUST said in a statement.
